They take the hassle out of finding a home loan by allowing you to make comparisons between over thirty lenders.
If you’re searching for the best mortgage, this Homewise review might be helpful to you.
Any homebuyer can benefit from the services of a mortgage broker. They can take care of the tedious tasks and save you time. All you’ll have to do is pick a home loan that suits your needs.
In this Homewise review, I’ll give you an overview of their service. I’ll also go over the benefits, drawbacks, and costs of working with them.
What Makes Homewise a Good Option?
It can take a long time to find a mortgage on your own. That’s why it’s a great idea to consider using a platform like Homewise to guide you through the process.
They can help you save time, money, and the difficulty of dealing with multiple lenders at no cost to you. According to Homewise, they intend to save customers up to $20,000 on their mortgage.
With over thirty lenders considered by Homewise, you’ll have plenty of mortgage choices. They’ll also negotiate with lenders on your behalf to help you secure the most favourable terms for your situation.
Their service is digital and conducted over the phone and email. Therefore, you won’t have to take much time out of your day for in-person consultations.
Pros and Cons of Homewise
In the next section of our Homewise review, we’ll break down the pros and cons of using the service.
The Pros of Homewise
Here’s what Homewise really get’s right.
Savings
Their service saves you time by eliminating the need to meet with multiple lenders. Also, because they are likely to negotiate a lower rate for you, you can save money.
Free To Use
You won’t have to pay money out of your pocket to use their service. Once you’ve finalized your mortgage, your lender will pay them a fee for referring you to them. That means you won’t be charged any unexpected costs in the future.
Valuable Resources
Under the ‘learn’ section on their website, you can find informative mortgage-related articles and tutorial videos, including news about the mortgage industry.
They also provide online calculators to determine your maximum mortgage, home affordability, monthly payments and closing costs.
30+ Lending Partners
They work with over thirty lenders, including Scotiabank and Home Trust, to find you a mortgage that fits your needs and circumstances.
Diverse Mortgage Products
Besides helping customers get approved for a suitable mortgage, they assist with pre-approval, refinancing, and switching. Also, if you are interested in a reverse mortgage, they can guide you through the process.
Dedicated Support
Homewise’s mortgage advisors will be with you from the beginning of your home-buying journey until you move into your house.
Simple Online Application Process
In as little as five minutes, you can apply to use Homewise’s service. The questions presented throughout the application process won’t take you too long to answer. And you won’t have to spend several minutes uploading documents.
Tech Focus Plus Personal Touch
Despite their AI-powered service, you’ll work closely with a human mortgage advisor. They will walk you through every step of the process until you’re ready to move into your new home.
The Cons of Homewise
Here’s what Homewise could improve on.
No face-to-face meetings
If you want to meet with a mortgage advisor in person to discuss your home loan options, you won’t be able to do so with Homewise.
Limited lender access
You may have a preferred lender from whom you want to get a mortgage. Homewise might not be able to help you, so you’ll have to contact them directly.
No upfront rates
If you want to know what kinds of rates you can receive with them, you must first fill out an online application. After which, you’ll have to wait up to 72 hours.
Because mortgage rates aren’t disclosed upfront, it’s better to use a comparison website if all you want to do is compare lenders.
Homewise Service Quality
There are over 150 favourable Homewise reviews on Google business at the time of writing our Homewise review. The highlights of their service are their professionalism, competence, and responsiveness.
Several reviewers appreciated the high standard of service provided by Homewise’s mortgage experts. While many first-time homebuyers valued how straightforward, detailed, and helpful they were.
However, sometimes mortgage experts could not meet the needs of customers. Therefore, if you’re concerned about a mortgage advisor’s possible lack of transparency, you may want to handle the search for a mortgage on your own.
Homewise’s Service
Homewise connects clients with lenders for mortgage products. They work with over thirty lenders, including Equitable Bank, First National, and Scotiabank.
They help you find a home loan that suits your needs and budget, as well as negotiate with lenders. You can then compare several mortgages and choose one that works best for you.
They are available directly in Ontario, but they also operate through licensed co-brokers across Canada. You can still apply through them and work with one of their partners if you live in a different province.
The mortgages Homewise specializes in are listed below.
New Mortgage
Whether you need a mortgage for your first home or your second property, Homewise can help you find suitable options.
They not only provide you with a variety of mortgage choices, but they also walk you through getting a mortgage and closing on your property.
A mortgage advisor will assist you by providing expert advice about the mortgage you’ve chosen. They’ll also help you put together the necessary documents.
Mortgage Pre-approval
Determine the highest amount you can borrow and the interest rate you could get on a mortgage.
For homebuyers, a mortgage pre-approval is a valuable asset. It gives you a realistic idea of what kind of house you can afford. And it allows you to lock in an interest rate for a few months with a specific lender.
Homewise can assist you in getting pre-approved for a mortgage that meets your needs. They will recommend mortgages from their network of lenders, and you can choose one that works best for you.
Mortgage Refinancing/Switching
Whether you want to change lenders or get new mortgage terms, Homewise can assist you. They will also ensure you’re making the best decision possible.
Once you’ve chosen a lender, they’ll help you secure the mortgage. A mortgage advisor will be available to answer any questions you may have. And they’ll assist you in putting together the documentation you’ll need to submit to your lender.
Reverse Mortgage
With a reserve mortgage, you can use the cash value of your house to pay off other debts or cover a trip. It’s a great alternative to a home equity line of credit for those 55 years and older.
If you’re thinking about getting a reverse mortgage, a Homewise mortgage expert can assist. During a consultation, they’ll walk you through the process. And they’ll help you decide whether it’s the best choice or if you should look into alternatives.
Cost of Using Their Service
You won’t be charged for their service and for a credit check.
The lender you choose for a mortgage pays Homewise a referral fee. As a result, they can provide their service for free. And when Homewise pulls your credit report, they cover the expense.
The next section of our Homewise review will deal with the security and privacy aspects related to using their services.
Is it Safe to Use Homewise’s Service?
Homewise has been in operation since 2018 and has a sizable customer base.
They are licensed by the FSRA to provide broker services in all provinces of Canada, including Ontario, Manitoba, and Alberta. They cannot work in Quebec because of their license, but they have co-broker partners.
Data submitted during the application process undergoes bank-grade encryption. They also use SSL (Secure Socket Layer) technology to protect all sensitive information.
They don’t give third-party advertising companies any of the information you provide in your application.
Homewise’s Customer Support
Customer service is an essential element of anyone’s experience when using a service provider. That is why we’ve included this section in our Homewise review.
As a Homewise customer, you will be set up with a personal mortgage advisor. They will be available via phone, text, and email.
You can find Homewise’s contact details at the footer of their website.
Whether you are new to home buying or have gone through the process before, you might find Homewise’s mortgage academy useful.
It features a series of videos that are one to three minutes long. They cover topics like how to get approved for a mortgage and credit score requirements for home loans.
They also publish mortgage-related articles on their website, covering everything from first-time home buying to mortgage pre-approvals. And they provide mortgage news so you can stay up to date with changes in the industry.
How to Get Started with Homewise
As promised at the beginning of this Homewise review, we’ll help you to get started with their products and services.
You’ll begin with an online application that takes around five minutes to complete, according to Homewise. In my experience, I finished it in under five minutes.
I’ve outlined the steps for getting started with Homewise below.
Step 1: Fill out the online application
To start, click the ‘get your mortgage’ button at the top right corner of the screen on Homewise’s website.
You’ll be taken to a welcome page where you’ll find some information on what to expect. At the bottom of the screen, click the ‘let’s get started button.
Next, you will have to fill out a questionnaire.
Whether you are looking for pre-approval, refinancing/switching, or getting approval, they may request different information. These are some questions they may ask:
- What is the anticipated price of your home?
- Where are you looking to buy it?
- Is this the first home you’ve purchased?
- How will you use this home?
You will also need to provide personal details like your full name, your current home address, and the value of your savings or investments. In addition, you’ll have to fill in specific details about your job.
After you’ve completed all the required fields, a confirmation box will appear. It’ll let you know that you’ll hear from Homewise shortly. This is usually in 48 to 72 hours.
Bear in mind, this first part doesn’t involve a credit check.
Step 2: Connect with a mortgage advisor
After reviewing your application, Homewise will match you with a mortgage advisor. They will be with you from when your mortgage application is approved until you close on your home.
They will be available by phone, email, or text if you have any questions.
Alternatives to Homewise You Can Consider
Perhaps Homewise’s online application might be too detailed for you. Or you might want to compare mortgages from different lenders before speaking to a mortgage advisor.
If you’re looking for other options, below are some alternatives to consider.
Breezeful
Breezeful is an online mortgage broker that offers its service for free as well. They work with over thirty financing partners across Canada and the United States.
What sets Breezeful apart from Homewise is that they offer more mortgage options.
You can apply if you’re interested in alternative paths to homeownership like renting to own. And if you are considering taking out a second mortgage on your home.
Their response time is significantly faster than Homewise’s. They also disclose mortgage rates upfront, so you won’t have to wait for days to compare different home loans.
Canwise
Canwise has been in business since 2014. And they’re a multi-award-winning mortgage broker with a network of 16 lenders. These include established banks, credit unions, and trust companies.
They have a more extensive selection of mortgage options than Homewise. You can apply for a home equity line of credit or a second mortgage with them.
They specialize in helping first-time homebuyers, people with poor credit, and those going through a divorce.
Their application process is much longer than Homewise’s. According to Canwise, it takes about ten minutes to complete.
Mogo
Mogo offers a mortgage broker service referred to as a Mogo Mortgage.
They work with over four lenders to provide competitive rates. You can view rates on their website without having to complete the online application.
As of writing this review, their expertise is high-ratio mortgages. They also cater to first-time homebuyers and those looking to renew or refinance their mortgage.
They have an online application process that’s quick and simple. After applying, you will be set up with a Mogo Mortgage specialist to guide you through the next steps.
Homewise Review Final Word
These days, looking for a mortgage doesn’t need to involve leaving your house and traveling from one lender to the next.
You can start and finish a mortgage application online, eliminating the have in-person meetings.
This can be convenient for both new home buyers and those looking for their second or third property.
Homewise provides a service that is simple and full of support and allows you to compare mortgages in one place.
I’ll sign off on my review of Homewise by giving them my stamp of approval. You should consider them if you need approval, pre-approval, or would like to refinance or switch your mortgage.
Read our Homewise review to learn about their mortgage broker service. Discover the pros, cons, & costs of using their service & more.
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